Business News of 2014-02-12

Minexco petroleum begins oil exploration in Tano Block

Minexco Petroleum Incorporation, the African focused private oil and gas exploration company, on Tuesday announced the launch of its work programme for the South Deep Water Tano Block (SDWT).
Through Minexco’s joint venture with AGR Energy, AGM Petroleum Ghana, operational and technical teams would commerce work to reassess the existing 3Dseismic date over 75 per cent of the SDWT block area and further develop its work programme for future exploration.
Mr Martin Keeley, Chief Executive Officer of Minexco Petroleum, in a statement issued to the Ghana News Agency, said drilling of prospects is expected to commence in 2015.
The AGM Petroleum would work with ExploreCo, a division of the Ghana National Petroleum Company (GNPC) to finalise the work programme and subsequently explore and develop the SDWT offshore prospect, which is part of the prolific Tano Basin boasting several discoveries including the 2BBOE Jubilee field.
Mr Keeley said the launch of the next phase of analysis and planning further solidifies the cooperation between the operational and technical teams of Minexco, AGR Energy and GNPC to bring this exciting prospect to production.
The Chief Executive Officer said Minexco would work closely with GNPC to take an increasingly active role in the development of the country’s natural resources through the training of local talents.
“We will collectively contribute to the development of Ghana as a hub for the fast growing African offshore E&P sector. We view this model of cooperation as a template for future projects on the continent and abroad”, Mr Keeley emphasized.
Source: GNA
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